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Watch the Bitcoin Bubble Burst

Discussion in 'Economy' started by Youngdan, Nov 5, 2017.

  1. OP
    Youngdan

    Youngdan Moderator Staff Member Moderator Donator Battle Royale Political Irish

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    A month is a long time, when dealing with a bubble.
     
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  2. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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    Very true - and what the CE of JP Morgan said is not very re-assuring, i.e. Bitcoin is a fraud. Here is more info on the CME launch. Of course, if anything were to go amiss with that, it would be curtains for Bitcoin.

    CME Group Announces Launch of Bitcoin Futures

    Tue Oct 31 2017

    CHICAGO, Oct. 31, 2017 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced it intends to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods.
    The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures will be listed on and subject to the rules of CME.

    CME Group Announces Launch of Bitcoin Futures
     
  3. OP
    Youngdan

    Youngdan Moderator Staff Member Moderator Donator Battle Royale Political Irish

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    And of course this will have a huge multiplying effect on what is even now fantastically speculator y security
     
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  4. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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    Last edited: Nov 10, 2017
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  5. OP
    Youngdan

    Youngdan Moderator Staff Member Moderator Donator Battle Royale Political Irish

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    I saw bitcoin over 7500 but not much higher. It is down now at 6721. It could spurt higher, anything is possible. But as you say, bitcoin is not unique, afaik anyway. I would love to see it wipeout. It would be an exiting event.
     
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  6. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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  7. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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    [​IMG]

    Looking at the daily chart, all it's done is pull back to the bottom of that regression trend channel from July of this year. That would be expected. The channel is still very much in place. Oscillators are showing heavily oversold - if you want to pay any attention to that. What's more interesting is the spike up in trading volume tonight. On the four hour chart (not shown here) we have a very clear bullish doji, which together with the spike up in volume would often give us a bullish move.

    And if you're not into technicals and prefer to rely on fundamentals (which I generally do), Bitcoin Cash has jumped up 30% since the cancellation of Segwit 2. Now it starting to fall back as people take profit. We might see them jumping in here to see if they can push Bitcoin back up to the top of the channel. That would be very typical behaviour. So, all in all, both technicals and fundementals are looking very good for a long.
     
  8. OP
    Youngdan

    Youngdan Moderator Staff Member Moderator Donator Battle Royale Political Irish

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    Never try to grab a falling knife, you will get cut. 5826.
     
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  9. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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    Good advice to be sure a chara. The very bottom of that channel (5200) would be a 50% retracement from mid July. It's about 38% at the moment. I'll split my trade in two - half at each of these levels - but small positions. Stop below the channel and take profit at the top. I wouldn't be surprised to see a double top forming there, or even some kind of head and shoulders pattern. I think there'll be at least one more test of the highs before the bubble bursts.
     
    Last edited: Nov 13, 2017
  10. OP
    Youngdan

    Youngdan Moderator Staff Member Moderator Donator Battle Royale Political Irish

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    Mysterious Bitcoin Dip-Buyer Identified

    This fellow buying 20 million of bitcoin over the weekend turned it back up. He has deep pockets. However if the market in general falls then he might be caught short as well, who knows.
     
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  11. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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    He must have seen my charts :cool:
     
  12. OP
    Youngdan

    Youngdan Moderator Staff Member Moderator Donator Battle Royale Political Irish

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    Perhaps he has a bit more money than you as well.

    He has a billion, tossing 20 million into a speculation is not that nerve wracking. That is his fund money so if he were to see redemptions then he would be under duress
     
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  13. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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    Well, my trade is going well anyway. Didn't get the fill at 5200 of course, but half of something is better than all of nothing (or a loss).
     
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  14. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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    I see that Georgia - the country - has put all its land deed register on a blockchain. But most of us associate the word blockchain with cryptocurrencies,

     
  15. OP
    Youngdan

    Youngdan Moderator Staff Member Moderator Donator Battle Royale Political Irish

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  16. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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  17. OP
    Youngdan

    Youngdan Moderator Staff Member Moderator Donator Battle Royale Political Irish

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    Did I see a video of the counterparty fleeing his margin call, maybe that was something else. He certainly escaped though, lol.
     
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  18. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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    Closed out my Bitcoin long this morning. A move of 4K - nice work if you can get it.
     
    Last edited: Nov 29, 2017
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  19. OP
    Youngdan

    Youngdan Moderator Staff Member Moderator Donator Battle Royale Political Irish

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    10200.

    The greed now is driving people demented.
    They have to jump on.
     
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  20. Tadhg Gaelach

    Tadhg Gaelach Legend Donator Battle Royale Political Irish

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    Ah well, the correction should be all the nicer for us to take advantage of :cool: